Q: New York, Excess funds after tax lien foreclosure sale?
NEW YORK Tax liens sold to bank, house was sold at foreclosure auction. No mortgage. Excess funds after the liens /interest/penalties and everything else paid is more than 100K. Is the (former) owner entitled to the excess funds?
A:
What type of tax liens? Income tax, property tax, or some combination of both or others?
In general, after your tax debt is fully paid off, you’ll receive any excess funds (less any fees charged by the county and their attorney for handing the property tax foreclosure) remaining. With this having been said, you really cannot be sure that there are excess funds unless you've received a Sale Report, as there are often humongous interest and penalty fees added to the pay-off.
Your best bet would be to follow up with your County Treasurer's Office and/or Tax Collector's Office. They'll share whatever information is available, as this would fall under public records.
When in doubt, you should consider consulting with an attorney. Good luck!
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